North Carolina Down Payment Support Programs

Online Payments - These systems would be the Mortgage Credit Certificate along with the deposit Assistance Program.

Should you meet the requirements for one of these programs and you also purchase a house and December 1, 2009, you could also qualify for the $8,000 tax credit merely enacted into law.

First, who is a first-time Home Buyer? There is a first-time Home Buyer someone who hasn't owned a house in the previous three years. It is the exact same qualifying definition for the $8,000 tax credit.

What is a Mortgage Credit Certificate and Who Qualifies?

The MCC takes this a step further.

If you qualify for the MCC, it is possible to claim 20% of the interest you pay as a credit on your federal income taxes on your mortgage. You are able to save as much as $2,000 on your taxes.

You will be able to join this, if you do qualify for 2009. This could reduce the tax liability of a buyer's by $10,000.

Who Qualifies for an MCC?

Household income means the “gross income of the mortgagor and every other individual anticipated to live in the residence who's 18 years of age or older.”

House price limitations that apply in Orange, Durham and Chatham Counties and the income are listed below.

MCC Income Limits 1 Man $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Persons $70,500

MCC Sales Cost Limitations New House $220,000 Existing Home $210,000

Home buyers that want help with their deposit and closing costs might be able to get down payment assistance - or, quite simply, interest-free, deferred second mortgages up to $8,000. The purchaser just has to pay $1,000 of their own funds and the load would pay around $8,000 of the remaining balance.

This program has more rigorous income limits than the MCC plan summarized above. Like the MCC program, it can be used together with all the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The deposit help, however, can not be utilized together with the MCC. It is an either or scenario.

The income and house price limits that apply in Durham, Orange and Chatham Counties are given below.

Down Payment Assistance Income Limits

1 Person $39,950 2 Men $45,650 3 Men $51,350 4 Individuals $57,050

Down Payment Support Sales Price Limits New House $210,000 Existing Home $210,000